Business
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Provides an Update on the Current European Acquisition Which It is in the Process of Completing
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Provides an Update on the Current European Acquisition Which It is in the Process of Completing.
About this update from Ilustrato Pictures International Inc.
[{"type":"text","content":"\n NEW YORK, NY, Sept. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – ILUS International Inc (OTC: ILUS), ILUS is a Mergers and Acquisitions company focussed on acquiring and developing technology-based companies globally. The company has already completed 3 acquisitions in 2021 and is currently in the process of completing multiple acquisitions in the US and Europe. Having recently provided an update on its US acquisition strategy and progress (13 Sept 2021), the company is now providing as much of an update as it is allowed to at this stage on the current large European acquisition which it is working on.  For the last six months, ILUS has been working on the acquisition of a large-scale manufacturing facility. ILUS Managing Director, John-Paul Backwell, announced in a recent presentation that the company is now in the final stages of completing the acquisition of the manufacturing plant. ILUS can now confirm that this is a huge partial privatization deal which is being completed in partnership with the government of the country. Linked to the manufacturing plant acquisition, ILUS is negotiating a very significant government contract for the manufacture of a new range firefighting vehicles which meet Euro 6 exhaust gas emissions standards over a period of 5 years. The acquisition of the manufacturing plant and the linked manufacturing contract involves complex political contracts and legal advice which is currently what the ILUS team is working through. In addition to government contracts, the huge manufacturing facility which employs many staff will also be used for the large-scale manufacture of ILUS firefighting equipment and vehicles and ILUS’ range of commercial electric utility vehicles, for distribution globally.  ILUS CEO, Nick Link, commented with the following: “We wanted to provide an update on this acquisition as there have been many questions about it recently. Although there have been delays on this deal being completed due to the European vacation period during the month of August and early September, we have now picked up momentum again and are working on concluding the deal with the top levels of Government in the region. There is no doubt that this is an exciting acquisition for us and for our Shareholders. Unfortunately, we are restricted from sharing some of the numbers and deta...